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You can offset losses from the last 4 years against it I think. So if you had the foresight to lose £18k on GME/Bitcoin last year you'd be fine.
It will still attract CGT if you put it in your pension or in an ISA. In your pension it will offset some income tax, but it's not accessible like an ISA.
Possibly a good plan is to dump it into your pension until you hit the lower tax band for relief, and then do the same next year and so on until it's gone. That way you get 67% on top of what you pay in (for every £6 you put in you get £10 in the pension). If you dump all in at once and go into the 20% band, you benefit less. But in your pension you obviously have to wait until retirement to access it again.
Important to state that I am fucking miles out of my depth and you'd have to be bonkers to take my advice. I would at the very least ask on https://www.reddit.com/r/UKPersonalFinance/ if I were you, they are wizards. Or the MSE forum maybe.
frankenbike-
Important to state that I am fucking miles out of my depth and you'd have to be bonkers to take my advice.
One thing I've learnt from GME is this is the only advice I'd need.
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:) yeah I will do but thanks that info is still helpful.
Im basically stressing that cgt goes up to income tax level :'(
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It will still attract CGT if you put it in your pension or in an ISA. In your pension it will offset some income tax, but it's not accessible like an ISA.
Uhhh, I think CGT doesn't apply to pensions or ISAs:
I've got a guide to CGT from Hargreaves Lansdown which says:
WHAT DO YOU PAY CGT ON?
Shares
Funds
Investment trusts
ETFs
Land
Investment and second properties
Other possessions, like art, worth
at least £6,000WHAT DON’T YOU PAY CGT ON?
The family home*
Most personal possessions
Possessions that depreciate
UK government bonds (gilts)
ISA investments
Pension investments
Venture capital trusts (VCTS)
Enterprise investment schemed (EIS)
ChainBreaker
Tenderloin
Drakien
OK right - yeah this is why I was getting confused about from earlier ISA chat. Which is why I was saying about shoving it all in a pension.